Credit Card Debt Divorce
When you have credit card debt and are getting a divorce, you must deal with it efficiently or you stand to lose a lot of money. As a Riverside and San Bernardino divorce lawyer, I know that these are issues that often come up.
Credit card debt is unsecured. That means that unlike your car or your house, there is nothing to repossess if the debt is not paid. However, the credit card companies can hound you, ruin your credit, and ultimately get a Judgment against you.
Like all community property, credit card debt is divided in the divorce. Your Final Judgment will specify who gets what assets and who is responsible for what debts.
But if it is a community debt, the credit card companies see it as a joint debt, even if it is assigned to the other party in the Judgment. That means that if he or she doesn’t pay, the credit card companies can come after you to collect their debt.
You are then left in a position of having to pay off the debt or having your credit tarnished.
You can take your ex back to court to pay the debts, but this is a huge hassle.
So wisely handling your credit card debt in divorce is important. If there are any assets such as a house or savings accounts, it may be smart to insist that the joint debts be paid first. Another option is to get new credit cards separately and transfer both parties’ debt obligation onto their separate cards.
Getting your credit card debt resolved in a divorce is a significant priority. If you are in the counties of Riverside or San Bernardino, divorce lawyer Julian Fox can help you.
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